PNC Financial Services Group Inc. cut its stake in shares of NetApp Inc. (NASDAQ:NTAP) by 9.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 21,387 shares of the data storage provider’s stock after selling 2,187 shares during the period. PNC Financial Services Group Inc.’s holdings in NetApp were worth $525,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. raised its position in shares of NetApp by 58.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,192,099 shares of the data storage provider’s stock valued at $32,532,000 after buying an additional 441,417 shares in the last quarter. Legal & General Group Plc raised its position in shares of NetApp by 0.6% in the first quarter. Legal & General Group Plc now owns 1,320,761 shares of the data storage provider’s stock worth $36,042,000 after buying an additional 8,301 shares during the period. Geode Capital Management LLC raised its position in shares of NetApp by 1.6% in the first quarter. Geode Capital Management LLC now owns 2,781,488 shares of the data storage provider’s stock worth $75,775,000 after buying an additional 43,931 shares during the period. Creative Planning raised its position in shares of NetApp by 248.6% in the second quarter. Creative Planning now owns 10,495 shares of the data storage provider’s stock worth $258,000 after buying an additional 7,484 shares during the period. Finally, National Pension Service raised its position in shares of NetApp by 4.4% in the first quarter. National Pension Service now owns 225,705 shares of the data storage provider’s stock worth $6,159,000 after buying an additional 9,591 shares during the period. 89.54% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NetApp Inc. (NASDAQ:NTAP) traded down 0.81% on Friday, reaching $35.67. The company had a trading volume of 1,741,067 shares. The company’s 50-day moving average is $32.96 and its 200 day moving average is $27.10. NetApp Inc. has a 12 month low of $20.66 and a 12 month high of $36.10. The firm has a market capitalization of $9.94 billion, a PE ratio of 32.11 and a beta of 1.56.
NetApp (NASDAQ:NTAP) last issued its quarterly earnings data on Wednesday, August 17th. The data storage provider reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.10. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.26 billion. NetApp had a return on equity of 15.82% and a net margin of 5.87%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 EPS. Equities analysts forecast that NetApp Inc. will post $2.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Wednesday, October 5th. NetApp’s dividend payout ratio is 68.47%.
A number of brokerages have recently issued reports on NTAP. Susquehanna raised their target price on shares of NetApp from $36.00 to $42.00 and gave the stock a “positive” rating in a research report on Wednesday. Robert W. Baird reiterated a “hold” rating on shares of NetApp in a research report on Friday, September 9th. Credit Suisse Group AG reiterated a “hold” rating and issued a $28.00 price objective on shares of NetApp in a research report on Tuesday, August 30th. Goldman Sachs Group Inc. upgraded shares of NetApp from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $26.00 to $32.00 in a research report on Wednesday, August 24th. They noted that the move was a valuation call. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $31.00 price objective on shares of NetApp in a research report on Sunday, August 21st. Ten analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $28.95.
In other NetApp news, CEO George Kurian sold 48,176 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $34.87, for a total value of $1,679,897.12. Following the sale, the chief executive officer now owns 92,746 shares of the company’s stock, valued at approximately $3,234,053.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director George T. Shaheen sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $35.01, for a total value of $1,050,300.00. Following the completion of the sale, the director now directly owns 20,000 shares in the company, valued at approximately $700,200. The disclosure for this sale can be found here. Insiders own 0.49% of the company’s stock.
NetApp, Inc (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models.
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